Frasers Centrepoint in A$464m sale, leaseback of Sydney hotel

Singapore

MAINBOARD-LISTED Frasers Centrepoint Limited (FCL) has announced its proposed A$464 million (S$488 million) sale-and-leaseback arrangement of Sofitel Sydney Wentworth, the iconic heritage-listed hotel in Sydney, Australia.

Frasers Sydney Wentworth Trust, an indirect wholly owned trust of FCL, will grant a 75-year leasehold interest in the 436-room hotel to FHT Sydney Trust 3, an Australian sub-trust wholly owned by Frasers Hospitality Real Estate Investment Trust (FH-Reit), for A$224 million, which will be funded by a combination of equity and debt financing.